Applying for mortgage in principle

AnnaNd_2

Hi, I own a property with my ex (50:50) and he's buying me out. The transfer of equity should be completed any day now. With the money I get from selling my half of the property I want to buy a place. I wanted to apply for mortgage in principle today but then realised that when the mortgage provider will start doing credit checks on me, they will probably still see my old mortgage on the file as the transfer is being completed only next week. They may reject my application on the basis that I already have one mortgage and want another one (which is not the case). Should I wait til the transfer of equity is complete and notify Experian and other credit companies so that they update their records and only then apply for mortgage in principle? Or can I go ahead and apply now and they will understand that I'm selling property with existing mortgage? I'm confused so any help is greatly appreciated.

kingstreet

No they won't.

During the process you will be asked about any existing mortgage/credit and should tick the "to be repaid on or before completion" box, or similar.

Otherwise are you suggesting anyone with a mortgage now and wanting another mortgage can't move house until after they have sold and their current mortgage has been repaid?

AnnaNd_2

Okay thanks I'll start my application then